By M.C. Howard and J.E. King
Follows on from the 1st quantity which handled the interval from the loss of life of Marx in 1883 to 1929. From 1930 onmwards the emphasis for theoretical research started to shift westwards, in order that within the post-war period the heartland of Marxian political financial system lay in Western Europe and North the United States. New difficulties additionally arose during this interval, and parts of Marx's economics which had prior bought scant consciousness have been elavated to larger prominance. additionally after 1929 theoretical advancements in Marxian economics turned indifferent from profitable progressive perform. 1929 used to be a yr of substantial promise for Marxism. within the East, Stalin secured the seizure of strength in 1917 by way of wearing via a "revolution from above" which created a brand new mode of creation, speedily speeded up monetary improvement, and gave beginning to a brand new orthodoxy. within the West, the onset of the good melancholy promised the industrial cave in of capitalism and the finishing of Soviet isolation. "A heritage of Marxian Economics quantity 2, 1929-1990" takes an summary of Marxian economics, outlining the main major recommendations, the incorporation of Keynesian thought into Marxism, in addition to tackling the recent theories of Imperialism and finishing with an research of present controversies in economics and their hyperlinks to a Marxist concept.
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Additional info for A History of Marxian Economics, Volume II
This 'overaccumulation' theory can be traced back lo Marx, and was revived by Qtto Bauer in 1913 (see Chapter 6 of volume 1 of this book). It offers a c1ear and plausible model of cyclical fluctuations along the following lines. Accumulation commences while there is still a substantial reserve army of Ihe unemployed, relatively low real wages, and high rates of exploítation and of profit. Although constant capital is accumulated more rapidly than variable capital, the demand for labour power expands.
73, 89-90. 26. Ibid, pp, 86-7; ef. Ch. 3 below and J. Burnham, Tlle Managerial Rel'oluliol1 (New York: J, Day, 1941), Ch, 9, 27, M. Salvadorí, Karl KalJlsky alld Ihe Socialis/ RevollJliol/ 1880-1938 (London: New Left Books, 1979), pp. 341-3. 28. M. Jay. Tile Dialeclical Imagina/ion (London: Heinemann, 1973). pp. 154-5; eL D. Held, Il/lroduClioll /0 Crilical Theory (London: Hutchinson. 1980). pp, 28295, and Hansen, BreakdoK'1I ol Capilalism, pp. 66. 97-8. 29, F. Neumann, Behemo¡h: The SrrUCl1Jre alld Prac/ice 01 Na/ianal Socialism (London: Gollanez, 1942); eL layo Dialec/ical Imaginarion, pp.
20. Corey, Decline 01 American Capilalism, pp. 12. 95, 394. 21. L. Corey, Tlle Crisis 01 lile Middle Class (New York: Covici-Friede, 1935), p. 218; Hodgson, Tro/sky and Falalis/ic Marxism, pp. 24, 31. 22. F. Polloek, 'Die Gegenwartige Lage des Kapitalismus und die Aussíehten emer Planwirtschaftlichen Neuordnung', Zeilschrifr lúr Sozialforschwlg, 1, 1932, p. 27. 23. Pollock, 'Bemerkungen', pp. 346-53. 24. F. Pollock, 'State Capitalism: Its Possibilities and Limitations', in A. Arato and E. Gebhardl (eds), Tile EsseIIlial Frallklurl Sellool Reader (Oxford: Blackwell.
A History of Marxian Economics, Volume II by M.C. Howard and J.E. King
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